Property Consortia Unum LLP Small abridged accounts

Property Consortia Unum LLP Small abridged accounts

MVK GROUP RE BRIDGING LLP - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Property Consortia Unum LLP have consented to the preparation of the abridged statement of financial position for the year ending 30 November 2019 in accordance with Section 444(2A) of the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.
REGISTERED NUMBER: OC412238
Property Consortia Unum LLP
Unaudited Abridged Financial Statements
30 November 2019
Property Consortia Unum LLP
Abridged Financial Statements
Year ended 30 November 2019
Contents
Page
Designated members and professional advisers
1
Members' report
2
Chartered accountant's report to the members on the preparation of the unaudited statutory abridged financial statements
3
Statement of comprehensive income
4
Abridged statement of financial position
5
Reconciliation of members' interests
7
Notes to the abridged financial statements
9
Property Consortia Unum LLP
Designated Members and Professional Advisers
Designated members
Mr M Karani
Property Consortia Limited
Registered office
40 Brookshill Avenue
Harrow Weald
Middlesex
United Kingdom
HA3 6RZ
Accountants
Mouktaris & Co
Chartered accountant
156A Burnt Oak Broadway
Edgware
Middlesex HA8 0AX
Bankers
National Westminster Bank PLC
1 Abbey Road
Park Royal
London
NW10 7YQ
Property Consortia Unum LLP
Members' Report
Year ended 30 November 2019
The members present their report and the unaudited abridged financial statements of the LLP for the year ended 30 November 2019 .
Principal activities
The principal activity of the company during the period was the development and sale of residential property.
Designated members
The designated members who served the LLP during the year were as follows:
Mr M Karani
Property Consortia Limited
Policy regarding members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by members
Members are permitted to make drawings in anticipation of profits which will be allocated to them. The amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.
New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.
This report was approved by the members on 14 February 2020 and signed on behalf of the members by:
Mr M Karani
Designated Member
Registered office:
40 Brookshill Avenue
Harrow Weald
Middlesex
United Kingdom
HA3 6RZ
Property Consortia Unum LLP
Chartered Accountant's Report to the Members on the Preparation of the Unaudited Statutory Abridged Financial Statements of Property Consortia Unum LLP
Year ended 30 November 2019
In order to assist you to fulfil your duties under the Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, we have prepared for your approval the abridged financial statements of Property Consortia Unum LLP for the year ended 30 November 2019, which comprise the statement of comprehensive income, abridged statement of financial position, reconciliation of members' interests and the related notes from the LLP's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the members of Property Consortia Unum LLP, as a body, in accordance with the terms of our engagement letter dated 8 May 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Property Consortia Unum LLP and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Property Consortia Unum LLP and its members, as a body, for our work or for this report.
It is your duty to ensure that Property Consortia Unum LLP has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Property Consortia Unum LLP. You consider that Property Consortia Unum LLP is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Property Consortia Unum LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
Mouktaris & Co Chartered accountant
156A Burnt Oak Broadway Edgware Middlesex HA8 0AX
14 February 2020
Property Consortia Unum LLP
Statement of Comprehensive Income
Year ended 30 November 2019
2019
2018
Note
£
£
Turnover
–
237,761
Cost of sales
–
191,512
----
---------
Gross profit
–
46,249
Distribution costs
–
2,000
Administrative expenses
727
5,918
----
--------
Operating loss/profit
727
38,331
----
--------
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members
727
38,331
----
--------
All the activities of the LLP are from continuing operations.
Property Consortia Unum LLP
Abridged Statement of Financial Position
30 November 2019
2019
2018
Note
£
£
£
Current assets
Debtors
5,000
5,000
Cash at bank and in hand
56
3,443
-------
-------
5,056
8,443
Creditors: amounts falling due within one year
1,200
3,860
-------
-------
Net current assets
3,856
4,583
-------
-------
Total assets less current liabilities
3,856
4,583
-------
-------
Net assets
3,856
4,583
-------
-------
Represented by:
Loans and other debts due to members
Other amounts
4
3,856
4,583
-------
-------
Members' other interests
Other reserves
–
–
-------
-------
3,856
4,583
-------
-------
Total members' interests
Loans and other debts due to members
4
3,856
4,583
Members' other interests
–
–
-------
-------
3,856
4,583
-------
-------
These abridged financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 November 2019 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of abridged financial statements .
Property Consortia Unum LLP
Abridged Statement of Financial Position (continued)
30 November 2019
These abridged financial statements were approved by the members and authorised for issue on 14 February 2020 , and are signed on their behalf by:
Mr M Karani
Designated Member
Registered number: OC412238
Property Consortia Unum LLP
Reconciliation of Members' Interests
Year ended 30 November 2019
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total 2019
£
£
£
£
£
£
Balance at 1 December 2018
–
–
–
4,583
4,583
4,583
Loss for the financial year available for discretionary division among members
(727)
(727)
(727)
----
----
----
-------
-------
-------
Members' interests after loss for the year
(727)
(727)
–
4,583
4,583
3,856
Other division of profits
727
727
(727)
(727)
–
Repayments of debt
–
–
–
–
Drawings
–
–
–
----
----
----
-------
-------
-------
Balance at 30 November 2019
–
–
–
3,856
3,856
3,856
----
----
----
-------
-------
-------
Property Consortia Unum LLP
Reconciliation of Members' Interests (continued)
Year ended 30 November 2019
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Other reserves
Total
Members' capital (classified as debt)
Other amounts
Total
Total 2018
£
£
£
£
£
£
Balance at 1 December 2017
–
–
392,317
38,176
430,493
430,493
Loss for the financial year available for discretionary division among members
38,331
38,331
38,331
--------
--------
---------
--------
---------
---------
Members' interests after loss for the year
38,331
38,331
392,317
38,176
430,493
468,824
Other division of profits
(38,331)
(38,331)
38,331
38,331
–
Repayments of debt
(392,317)
–
(392,317)
(392,317)
Drawings
(71,924)
(71,924)
(71,924)
--------
--------
---------
--------
---------
---------
Balance at 30 November 2018
–
–
–
4,583
4,583
4,583
--------
--------
---------
--------
---------
---------
Property Consortia Unum LLP
Notes to the Abridged Financial Statements
Year ended 30 November 2019
1.
General information
The LLP is registered in England and Wales. The address of the registered office is 40 Brookshill Avenue, Harrow Weald, Middlesex, HA3 6RZ, United Kingdom.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in January 2017 (SORP 2017).
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Property Consortia Unum LLP
Notes to the Abridged Financial Statements (continued)
Year ended 30 November 2019
3. Accounting policies (continued)
Members' participation rights (continued)
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the abridged statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the abridged statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the abridged statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the abridged statement of financial position within 'Members' other interests'.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Loans and other debts due to members
2019
2018
£
£
Amounts owed to members in respect of profits
3,856
4,583
-------
-------